Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

5. OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the changes in the components of accumulated other comprehensive income (loss) during the three and nine month periods ended September 30, 2023 and 2022:

	Balance at June 30, 2023		Net Change		Balance at September 30, 2023
	(in thousands)
Net unrealized loss on investment securities	$	(48,007)	$	(8,813)	$	(56,820)
Net defined benefit pension plan adjustments		(1,890)		20		(1,870)
Total	$	(49,897)	$	(8,793)	$	(58,690)

	Balance at June 30, 2022		Net Change		Balance at September 30, 2022
	(in thousands)
Net unrealized loss on investment securities	$	(31,898)	$	(15,581)	$	(47,479)
Net defined benefit pension plan adjustments		(2,401)		56		(2,345)
Total	$	(34,299)	$	(15,525)	$	(49,824)

	Balance at December 31, 2022		Net Change		Balance at September 30, 2023
	(in thousands)
Net unrealized loss on investment securities	$	(47,348)	$	(9,472)	$	(56,820)
Net defined benefit pension plan adjustments		(1,930)		60		(1,870)
Total	$	(49,278)	$	(9,412)	$	(58,690)

	Balance at December 31, 2021		Net Change		Balance at September 30, 2022
	(in thousands)
Net unrealized loss on investment securities	$	(3,160)	$	(44,319)	$	(47,479)
Net defined benefit pension plan adjustments		(2,511)		166		(2,345)
Total	$	(5,671)	$	(44,153)	$	(49,824)

‎

	Three months ended September 30, 2023						Three months ended September 30, 2022
	(in thousands)						(in thousands)
	Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount		Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount
Unrealized loss on investment
securities:
Unrealized loss on investment
securities	$	(11,904)	$	3,091	$	(8,813)	$	(21,016)	$	5,435	$	(15,581)
Defined benefit pension plan
adjustments:
Amortization of prior service cost		-		-		-		8		(2)		6
Amortization of actuarial loss		27		(7)		20		68		(18)		50
Net change		27		(7)		20		76		(20)		56
Other comprehensive (loss) income	$	(11,877)	$	3,084	$	(8,793)	$	(20,940)	$	5,415	$	(15,525)

	Nine months ended September 30, 2023						Nine months ended September 30, 2022
	(in thousands)						(in thousands)
	Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount		Before-Tax Amount		Income Tax (Provision) Benefit		Net-of-Tax Amount
Unrealized loss on investment
securities:
Unrealized loss on investment
securities	$	(12,822)	$	3,350	$	(9,472)	$	(59,796)	$	15,477	$	(44,319)
Defined benefit pension plan
adjustments:
Amortization of prior service cost		-		-		-		24		(8)		16
Amortization of actuarial loss		81		(21)		60		203		(53)		150
Net change		81		(21)		60		227		(61)		166
Other comprehensive (loss) income	$	(12,741)	$	3,329	$	(9,412)	$	(59,569)	$	15,416	$	(44,153)